John Hutchison.
John Hutchison, 31
Assistant vice president of acquisitions at L&L Holding Company
John Hutchison first fell in love with real estate when he started viewing assets as investment vehicles rather than simply buildings that he drove past. He soon found a new appreciation for the “different approaches you can take to increase the value of not only the building, but the surrounding areas. You can make a meaningful difference in the community or city you’re building in,” he said.
Hutchison was drawn to L&L Holding specifically because of the unique projects that the developer is known for. “We generally don’t focus on core assets or just clipping coupons,” he said. “We focus on very complex and educated interventions to these buildings, where we create value and improve the neighborhoods that they’re in, as well as the life of the people living or working in them.”
Case in point, Hutchison is working on one of the most buzzed-about projects in New York City in the past few years: Terminal Warehouse. The former Chelsea freighthouse is steeped in history and will soon be transformed into cutting-edge office space.
“We just passed [Landmarks Preservation Commission] approval,” he said. “It’s a one million-square-foot warehouse on the West Side of Manhattan that’s been underused for the last 40 years, and it’s about to become some of the best office space in New York City. Being part of that transformation is exciting.”
While Terminal Warehouse is keeping him busy, the majority of Hutchison’s remaining time is spent on new opportunities in South Florida, where L&L is currently expanding. “We have a deal in Wynwood and we’re just building out the programming for what that development is going to be.”
True to L&L’s creative flair, the three-acre redevelopment site includes the former Rubell family art museum building at 95 NW 29th Street in Miami. “We have a great set of local partners, and are seeing a lot of other pipeline deals down in Florida,” he said.
Like many others on this year’s list, this is Hutchison’s first downturn. His first foray into the industry was with Washington, D.C.-based real estate investment and development firm Jenco Group in 2010.
“It’s interesting being in this time period,” he said, “I’ve only known a bull run for my entire career. It lasted a whole decade.”
